Unocal Corp.

April 20, 1985|By Deanne Brandon

NEXT ROUND. Texas oilman T. Boone Pickens Jr. said Unocal's latest defensive move -- its offer to buy back 49.9 percent of its stock for

$6.28 billion -- has cost the company's shareholders $400 million. Pickens: Leader of a group that owns 13.6 percent of Unocal's stock and has offered $54 a share for another 64 million shares, which would give the group 50.1 percent ownership. Pickens: Keeping his options open. Possibilities: Legal action to block Unocal's move, which the Pickens group described as unwarrented and illegal; and an extension of the hostile bid to seek all of Unocal's stock. Deadline: Pickens' initial offer expires May 3.